Price Cuts Working at Northside Piers, Others to Follow
The price cuts at Northside Piers that we first reported here and then again here have been picked up by Bloomberg. And, according to the news service, the reductions (two-bedrooms in the waterfront development are now as low as $691,000) are working: Contracts have gone out on five of the remaining 60 units in the…
The price cuts at Northside Piers that we first reported here and then again here have been picked up by Bloomberg. And, according to the news service, the reductions (two-bedrooms in the waterfront development are now as low as $691,000) are working: Contracts have gone out on five of the remaining 60 units in the last week. There is a stirring going on in the market,” said CBHK CEO David Michonski said, “but only at a lower price point. GMAP
So, all you finance guys/gals out there…. Why is the market tanking today (25 words or less, please)?
I’ll say this about the good old US. we are one of the only countries that can borrow all we need in our own currency, and our borrowing cost actually goes down when the sh!t hits the fan. and our guys in washington actually have the stones to take advantage of it and double down. pretty good. go US.
Well, that comment will bring back BHO and the bodega!
I hope you’re right. there are actually some small broker dealers springing up to trade the asset-backed securities that the banks are drowning in. hope it works out. new ventures need a lot of wheat, though, and I don’t see where it’s supposed to come from in the next couple of years. nothing I’d like more than to get a fat job and watch your house price double.
BHO and cornholedinthebodega leave whenever you ask them a specific question.
The guys I’m talking about that will start these firms are the ones who have hundreds of million salted away from the past couple of eras.
I’m not talking about any low level or middle management finacial types. The guys with money (GWMs) will start the firms and hire the foot soldiers.
I bet you we will se a new IB firm startup in the next month or so. We’ve actually seen it in the form of Nomura reenterring the market and paying for people.
Jeffries & Co. have hired a lot of Merrill people.
dibs, financial people aren’t getting paid for a while. trust me, I’m one of them. it sucks. Leverage does impact profits and pay, and it’s going to be regulated. eventually I agree it will bubble back, but, keeping with the L vs V debate, it will be a while.
By the way, where did BHO go anyway?
Trust me joe, there is still M&A going on with boutique investment banks. They will frow larger. The financila leverage has absolutely nothing to do with a firm securing an M&A deal, nor does a banking relationship. BofA may pitch to their clients that they have the banking and the M&A experience but in fact all they will have in the near futere are the dregs of Merrill. M&A and stock offerings are really done on a “personal relationship” basis that the investment banker has had with the company for ages.
If you believe in capitalism and greed you have to believe that this industry will reinvent itself, whether you like it or not.
dibs — the i-bank is actually dead. commercial banks will run those businesses. MS and GS were forced to become actual banks. The “i-banks” were not banks at all — they were “securities companies” — they weren’t regulated by the fed, they couldn’t lend, and they didn’t have to meet capital standards. The new landscape will have no LEH, GS etc. with 50:1 financial leverage. Real banks can only be about 15:1. That financial leverage is what allows the huge profits. The merger between BoA and Merrill is a good example of the ugly confluence of the two pay grades. Merrill guys lose bigtime in this.